Although Apple hasn't confirmed the existence of the product, many details have already leaked via sources. The tablet is expected to have a screen size of 7.85-inches, while the larger iPad has a 9.7-inch screen. It will look very similar to the larger iPad.

Apple is reportedly expanding its tablet offerings, as it seeks to compete with Amazon (AMZN) and Google (GOOG) on the lower end.

The iPad has 68% of the tablet market, according to IDC, and a smaller iPad would allow Apple to continue to grab even more market share as its competitors nip at its heels on the lower end.

Pricing of the device is not known yet, though some are expecting Apple to make it competitive with other smaller tablets, perhaps as low as $299. Recently, TheStreetpolled readers asking what they expect the device will cost. Just more than 30% of those surveyed expect Apple will charge $349 for the iPad Mini.

Apple shares were lower in premarket trading Monday, off 0.6% to $648.69.

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